Market Analysis: AUD/USD and NZD/USD Could Start Fresh Increase

FXOpen

AUD/USD declined 0.6400 before the bulls appeared. NZD/USD is now attempting a fresh increase from the 0.5860 support zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a fresh decline from well above the 0.6440 level against the US Dollar.

· There is a key contracting triangle forming with resistance near 0.6400 on the hourly chart of AUD/USD at FXOpen.

· NZD/USD declined heavily from the 0.6000 resistance zone.

· Recently, there was a break above a connecting bearish trend line with resistance near 0.5880 on the hourly chart of NZD/USD at FXOpen.

AUD/USD Technical Analysis

On the hourly chart of AUD/USD at FXOpen, the pair struggled to clear the 0.6520 zone. The Aussie Dollar started a fresh decline below the 0.6440 support against the US Dollar.

The pair even settled below 0.6400 and the 50-hour simple moving average. Finally, the bulls appeared near the 0.6360 zone. A low was formed near 0.6357 and the pair is now consolidating losses. It is slowly moving higher above the 50-hour simple moving average.

On the upside, an immediate resistance is near a key contracting triangle at 0.6400. It is close to the 23.6% Fib retracement level of the downward move from the 0.6522 swing high to the 0.6357 low.

A clear upside break above 0.6400 could send the pair toward the 50% Fib retracement level of the downward move from the 0.6522 swing high to the 0.6357 low at 0.6440. The next major resistance is near 0.6485, above which the price could rise toward 0.6520. Any more gains might send the pair toward 0.6550.

A close above the 0.6550 level could start another steady increase in the near term. The next major resistance on the AUD/USD chart could be 0.6600.

On the downside, initial support is near the 50-hour simple moving average at 0.6385. The next support could be the 0.6360. Any more losses might send the pair toward the 0.6320 support.

NZD/USD Technical Analysis

On the hourly chart of NZD/USD on FXOpen, the pair also followed a similar pattern and declined from the 0.6000 zone. The New Zealand Dollar gained bearish momentum and traded below 0.5935 against the US Dollar.

The pair even spiked below the 50-hour simple moving average and tested 0.5860. A low was formed near 0.5859 and the pair is now attempting a fresh increase. It is back above the 0.5880 level and the 50-hour simple moving average.

It is now struggling to clear the 23.6% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low at 0.5900. If there is a move above 0.5900, the pair could rise toward the 0.5935 resistance.

The 50% Fib retracement level of the downward move from the 0.6014 swing high to the 0.5859 low is also at 0.5935, above which the pair could rise toward 0.5985. Any more gains might open the doors for a move toward the 0.6000 resistance zone.

On the downside, immediate support on the NZD/USD chart is near the 50-hour simple moving average at 0.5880. The next major support is near the 0.5860 zone. If there is a downside break below 0.5860, the pair could extend its decline toward the 0.5820 level. The next key support is near 0.5800.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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